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Stagflation and Topsy-Turvy Capital Flows
Bengui, Julien; Coulibaly, Louphou - National Bureau of Economic Research - 2022
Are unregulated capital flows excessive during a stagflation episode? We argue that they likely are, owing to a macroeconomic externality operating through the economy's supply side. Inflows raise domestic wages through a wealth effect on labor supply and cause unwelcome upward pressure on...
Persistent link: https://www.econbiz.de/10013462700
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The Golden Revolving Door
Cen, Ling; Cohen, Lauren; Wu, Jing; Zhang, Fan - National Bureau of Economic Research - 2024
Using both the onset of the US-China trade war in 2018 and the most recent Russia-Ukraine war and associated trade …
Persistent link: https://www.econbiz.de/10014576650
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China as an International Lender of Last Resort
Horn, Sebastian; Parks, Bradley; Reinhart, Carmen M.; … - National Bureau of Economic Research - 2023
This paper shows that China has launched a new global system for cross-border rescue lending to countries in debt … distress. We build the first comprehensive dataset on China's overseas bailouts between 2000 and 2021 and provide new insights … into China's growing role in the global financial system. A key finding is that the global swap line network put in place …
Persistent link: https://www.econbiz.de/10014250123
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The Dollar in an Era of International Retrenchment
Chahrour, Ryan; Valchev, Rosen - National Bureau of Economic Research - 2023
-for-tat responses between just the US and China would likely leave the dollar's role essentially unchanged. If both countries coordinate …
Persistent link: https://www.econbiz.de/10014322792
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International Trade and Macroeconomic Dynamics with Sanctions
Ghironi, Fabio; Kim, Daisoon; Ozhan, G. Kemal - National Bureau of Economic Research - 2024
We study international trade and macroeconomic dynamics triggered by the imposition of sanctions. We begin with a tractable two-country model where Home and Foreign countries have comparative advantages in production of differentiated consumption goods and a commodity (e.g., gas), respectively....
Persistent link: https://www.econbiz.de/10014512042
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Spillovers and Spillbacks
Acharya, Sushant; Pesenti, Paolo A. - National Bureau of Economic Research - 2024
We study international monetary policy spillovers and spillbacks in a tractable two-country Heterogeneous Agent New Keynesian model. Relative to Representative Agent (RANK) models, our framework introduces a precautionary-savings channel, as households in both countries face uninsurable income...
Persistent link: https://www.econbiz.de/10014512099
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Effect of Macroprudential Policies on Sovereign Bond Markets : Evidence from the ASEAN-4 Countries
Aizenman, Joshua; Uddin, Mohammed Gazi Salah; Luo, Tianqi; … - National Bureau of Economic Research - 2022
This paper examines whether prudential policies help to reduce sovereign bond vulnerability to global spillover risk in ASEAN-4 countries (Indonesia, Malaysia, the Philippines, and Thailand). We measure sovereign vulnerability within a risk connectedness network among sovereign bonds. The direct...
Persistent link: https://www.econbiz.de/10013388833
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Global Monetary and Financial Spillovers : Evidence from a New Measure of Bundesbank Policy Shocks
Cloyne, James; Hürtgen, Patrick; Taylor, Alan M. - National Bureau of Economic Research - 2022
Identifying exogenous variation in monetary policy is crucial for investigating central bank policy transmission. Using newly-collected archival real-time data utilized by the Central Bank Council of the German Bundesbank, we identify unexpected changes in German monetary policy from 580 policy...
Persistent link: https://www.econbiz.de/10013388841
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Managing an Energy Shock : Fiscal and Monetary Policy
Auclert, Adrien; Monnery, Hugo; Rognlie, Matthew; … - National Bureau of Economic Research - 2023
This paper studies the macroeconomic effects of energy price shocks in energy-importing economies using a heterogeneous-agent New Keynesian model. When MPCs are realistically large and the elasticity of substitution between energy and domestic goods is realistically low, increases in energy...
Persistent link: https://www.econbiz.de/10014337777
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Whatever-It-Takes Policymaking during the Pandemic
Dominguez, Kathryn M.; Foschi, Andrea - National Bureau of Economic Research - 2024
Central banks across the globe introduced large-scale asset purchase programs to address the unprecedented circumstances experienced during the pandemic. Many of these programs were announced as open-ended to shock-and-awe market participants and restore confidence in financial markets. This...
Persistent link: https://www.econbiz.de/10014486207